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What Is The 15-Year And 30-Year Mortgage Rate History In Texas?

March 29, 2023 | By Shoshana Simones

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Housing prices are only one part of the equation when you're considering how much house you can afford.

Mortgage rates are a crucial component of the home-buying process, affecting the affordability of homes and the overall cost of ownership. As a prospective homebuyer in Texas, understanding the historical trends of mortgage rates can help you make informed decisions about your home purchase.

We've helped thousands of buyers secure home loans in Texas, and we're here to walk you through the 15-year and 30-year mortgage rate history in Texas to help you understand how it works. Ready to get started?

How Often Do Mortgage Rates Change?

Constantly! Since mortgage rates are not fixed, they can fluctuate daily or weekly, depending on market conditions. These changes are driven by several factors, such as inflation, the economy, and global events. 

As a result, it's essential to keep an eye on the mortgage rates if you're planning to buy a home in Texas. An experienced lender will have their finger on the pulse to help you snag a loan when the rates start to dip.

Remember, your mortgage rate is as unique as you are. While the average rate provides a helpful starting point, your specific rate could be higher or lower depending on a multitude of factors, such as your financial profile, down payment, and more. So, don't get too caught up in the averages - work with a trusted lender to get a personalized rate quote that takes into account your unique situation. 

What Have Mortgage Rates Looked Like Historically In Texas?

Historically, mortgage rates in Texas have been relatively volatile, with periods of low rates followed by high rates. In the early 1980s, mortgage rates soared to over 16%, and they gradually declined over the next three decades, reaching a low of 2.65% in 2020. 

However, it’s important to stress that although rates have been increasing in recent months, they are still at historic lows. In fact, the average mortgage rate ni Texas since 1971 is 7.75%. Still higher than today’s rates!

What Are the Current 15-Year and 30-Year Mortgage Rates in Texas?

As of late March 2023, the current mortgage rates in Texas are about 5.499% for a 15-year fixed-rate mortgage and 6.5% for a conventional 30-year fixed-rate mortgage. These rates can vary based on your credit score, down payment, and other factors, so it's essential to consult with a mortgage lender to get an accurate rate quote.

When Can We Expect Mortgage Rates to Drop?

It's difficult to predict when mortgage rates will drop or rise, but several factors could impact the rates in the coming months. These include the state of the economy, inflation, and global events such as political instability or natural disasters.
If you're considering buying a home in Texas, it's essential to keep an eye on the mortgage rates and consult with a mortgage lender to make the most of the current rates.

What is the Texas Mortgage Rate Forecast For 2023?

Finally, some good news, folks! Mortgage rates have taken a delightful dip after a steady climb toward the stratosphere. The 30-year fixed-rate mortgage has dropped this month already, according to Freddie Mac. 

This was the second week in a row that rates have fallen, giving many of us a much-needed sigh of relief. And the best part? Some experts are optimistic that rates won't surge to the dizzying heights we saw last year. So if you’ve been waiting eagerly, keep your eyes on the prize: affordable mortgage rates! They’re coming. 

Is Now a Good Time to Buy a Home in Texas?

Investing in a home in Texas is a no-brainer, whether you're looking for a place to call your own or a rental property. The Lone Star State is still on fire - the economy is booming, and cities and towns are buzzing with energy.

 And here's the cherry on top: homes in Texas are more affordable than most other places in the country! Plus, folks just can't resist the Texan charm, so people keep flocking to this great state.

How Can a Mortgage Lender Help You Get a Lower Rate?

A mortgage lender can help you get a lower mortgage rate by offering you several options. For example, they can help you improve your credit score, which can result in a lower interest rate. They can also help you select a mortgage product that fits your needs and financial situation. Additionally, some lenders may offer special promotions or discounts that can lower your mortgage rate further.

Understanding the historical trends of mortgage rates in Texas and keeping an eye on the current rates can help you make informed decisions about your home purchase. Consulting with a mortgage lender can also help you get a lower rate and save money over the life of your mortgage. At Texas United Mortgage, we're here to help you navigate the mortgage process and find the right mortgage product for your needs. Contact us today to get started.

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